The three protagonists from Grand Theft Auto V: Michael, Trevor and Franklin Photograph: Rockstar Games

Rockstar has finally announced a release date for Grand Theft Auto V, the latest in the company's hugely successful series of gangster adventures. The game will hit Xbox 360 and PlayStation 3 consoles on 17 September. Originally, the publisher had mentioned the possibility of a spring release.

We know this is about four months later than originally planned and we know that this short delay will come as a disappointment to many of you, but, trust us, it will be worth the extra time. GTAV is a massively ambitious and complex game and it simply needs a little more polish to be of the standard we and, more importantly, you require.

Set in the fictional city of Los Santos, a stylised version of Los Angeles, GTA V follows three lead characters as they carry out a series of increasingly audacious heists. The game is the most ambitious project in the long-running series, which has so far sold over 125 million units worldwide. The environment is larger than the previous two titles combined.

Alongside the inevitable next installment in the Call of Duty franchise, GTA V is expected to be the biggest video game release of 2013; it is an important title for the industry which has seen retail sales falling over the last year.